水電站收購(gòu)項(xiàng)目盡職調(diào)查-資料下載頁(yè)
2024-08-13 04:39本頁(yè)面
【正文】 92,893,09598,037,386101,123,961103,181,678105,239,395108,325,970113,470,261118,614,553123,758,844%79,281,05084,217,84889,154,64694,091,44397,053,52299,028,241101,002,960103,965,039108,901,837113,838,634118,775,432%76,207,54480,952,77485,698,00390,443,23393,290,37095,188,46297,086,55499,933,691104,678,921109,424,150114,169,380%73,358,40077,926,33082,494,26087,062,19089,802,94891,630,12093,457,29296,198,050100,765,980105,333,910109,901,840%70,711,21575,114,66679,518,11883,921,57086,563,64188,325,02190,086,40292,728,47397,131,925101,535,376105,938,828%68,246,32672,496,85176,747,37680,997,90183,548,21685,248,42686,948,63689,498,95193,749,47698,000,001102,250,526%65,946,41970,054,45374,162,48878,270,52280,735,34382,378,55784,021,77086,486,59190,594,62594,702,66098,810,694%63,796,20967,771,20571,746,20175,721,19678,106,19479,696,19281,286,19083,671,18887,646,18491,621,18095,596,175四、收購(gòu)方案模擬假設(shè)：以2009年6月30日公允價(jià)值為基礎(chǔ)作為收購(gòu)基準(zhǔn)日；目標(biāo)公司的總資產(chǎn)定價(jià)為115,000,；公司目前負(fù)債23,403, 相當(dāng)于以86,412,%股權(quán)。，高峰電價(jià)比例90%；以設(shè)計(jì)發(fā)電量41,460,000千瓦時(shí)/年計(jì)；股權(quán)現(xiàn)金流折現(xiàn)模型結(jié)論：投資回收期：9年股權(quán)內(nèi)部收益率：12%前十年平均股權(quán)投資回報(bào)率：%具體測(cè)算見(jiàn)附表實(shí)體現(xiàn)金流折現(xiàn)模型結(jié)論：實(shí)體項(xiàng)目投資回收期：10年實(shí)體項(xiàng)目?jī)?nèi)部收益率：%前十年平均總資產(chǎn)回報(bào)率：%單位電能投資：具體測(cè)算見(jiàn)附表五、結(jié)論及建議(1)對(duì)于收購(gòu)股權(quán)比率，在管理成本一定的前提下提高股權(quán)收購(gòu)比率，以提高投資效率和收益水平。(2)在對(duì)收購(gòu)標(biāo)的的估值中，必須考慮未來(lái)長(zhǎng)期利率的走勢(shì)的影響，雖然收購(gòu)標(biāo)的的資產(chǎn)負(fù)債率較低，且負(fù)債是股東方借款，不存在財(cái)務(wù)壓力，長(zhǎng)期利率的上升必然會(huì)提高公司項(xiàng)目的機(jī)會(huì)成本，提高了項(xiàng)目估值的折現(xiàn)率，使標(biāo)的資產(chǎn)的估值價(jià)格下降。因此，在價(jià)格估值中，以收購(gòu)價(jià)格測(cè)算的內(nèi)部收益率不能低于9%，以應(yīng)對(duì)未來(lái)中長(zhǎng)期利率走勢(shì)的影響。
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